08:52     PCCW<00008> & <02906> - Odd Lot Arrangement                         

    The Stock Exchange has received a message from PCCW Limited which is      
    reproduced as follows:-                                                   
                                                                              
    "Arrangement on odd lot trading                                           
                                                                              
    In order to facilitate the trading of odd lots of New Shares as a result  
    of the Consolidation, the Company has appointed the Agent to provide a    
    "matching service" to those Shareholders who wish to top-up or sell their 
    holdings of odd lots of New Shares.                                       
                                                                              
    The Agent will provide the service to match the sale and purchase of odd  
    lots of New Shares during the period from January 8, 2003 to February 14, 
    2003, both dates inclusive. Holders of New Shares in odd lots who wish to 
    take advantage of this facility either to dispose of or top up their odd  
    lots to a board lot of 1,000 New Shares may directly contact the Agent on 
    telephone number 2867 1968 or through their brokers who should contact the
    Agent on telephone number 2867 1859 or at 3rd Floor, Hutchison House, 10  
    Harcourt Road, Central, Hong Kong during such period. Shareholders should 
    note that the matching service is on a "best efforts" basis only and      
    successful matching of the sale and purchase of odd lots of New Shares is 
    not guaranteed and will depend on there being adequate amounts of odd lots
    of New Shares available for such matching.                                
                                                                              
    Shareholders are recommended to consult their stockbroker, other          
    registered dealer in securities, bank manager, solicitor, professional    
    accountant or other professional adviser if they are in any doubt about   
    the matching facility described above."